Overview

Our Liquid Locker elCHR for veCHR on Arbtitrum for Chronos DEX migrated to Blast Chain's Fenix Exchange.

Now Fenix is migrating to Nest Exchange on HyperEVM chain.

eliteFNX was supposed to be a liquid locker for veFNX, but never happened to be so.

This proposal suggests merging eliteFNX into ELITE token, by airdropping all holders & stakers an equivalent amount in ELITE tokens.

Interesting to note, eliteFNX retained its value very well, and is today equivlent to 33% of FNX market cap, depsite owning just 4-5% of veFNX.

As it stands, all the veFNX owned by the eliteFNX protocol will be acquired by Eliteness Treasury & be used in the upcoming migration to Nest Meta DEX on HyperEVM.

NOTE: We received veCHR as grant from Chronos Team, which was already returned back to Chronos team during the launch of Fenix DEX.

Proposal

To wind down eliteFNX, remove liquidity from Blast chain, and in return Airdrop an equivalent value to current eliteFNX holders, Stakers & Liquidity Providers.

If an airdrop occurs, existing eliteFNX tokens will lose all value and the holders will receive an equivalent amount of ELITE.

This proposal seeks to:

• Option 1: Airdrop $ELITE equivalent to eliteFNX holdings of users,
• Option 2: Do nothing.

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Background

Docs - https://ftm.guru/docs Dapp - https://eliteness.network/ Fenix - https://www.fenixfinance.io/liquidity/deposit?type=V2&isStable=0&token0=0x4300000000000000000000000000000000000004&token1=0xd600ec98cf6418c50ee051ace53219d95aeaa134

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For further discussion, please join the eliteRingsScUSD channel in the Eliteness.Network server! https://discord.com/invite/QpyfMarNrV